databonds: Revolutionising Data Ownership, Privacy and Sharing in Retail
Introduction
In this rapidly evolving digital age, data has become a valuable asset, shaping the way businesses operate and interact with their customers. However, data ownership and privacy have been ongoing concerns, as many of the current technology platforms do not provide an equitable share of value to individuals for their data. databonds aims to change this. Having launched their pilot only 2 months ago, they’ve achieved 1,000 signups on a groundbreaking project in open retail that aims to empower individuals, brands, and retailers by revolutionising data ownership, privacy and sharing.
What is databonds?
A Trusted Open Retail Ecosystem
databonds aims to become a trusted open retail ecosystem, where everyday shoppers can create positive outcomes for themselves through the power of their shopping data. databonds strives to change the narrative surrounding data usage by showing that data can be used for good when they are owned by individuals. Ultimately, databonds seeks to be at the forefront of data-driven innovation, empowering users, brands, and retailers alike.
Who does this benefit?
Benefits for Individuals, Retailers, and Brands
For individuals, databonds provides a chance to win valuable rewards by sharing their data as well as gaining insights into their own shopping habits, potentially unlocking hidden insights into various aspects of human health. Retailers can gain a comprehensive understanding of their customers' shopping behaviours in a way that is privacy preserving, improving customer retention and acquisition. Brands benefit from a cross-retailer perspective, gaining insights into audience segments across different retailers at scale. databonds would also enable brands to build direct relationships with consumers to help with the introduction of new products and services.
Should individuals be concerned about privacy?
Addressing Concerns: Trust and Transparency
databonds uses Dataswyft privacy enhancing data infrastructure to not only ensure security and privacy of users' data, but also to enable them to own and use it wherever they go. This means the data is “self-sovereign” to their users and portable through a data wallet, and databonds will highlight the value they receive in return for sharing it, demonstrating that sharing data can be mutually beneficial. Through Dataswyft’s data infrastructure, databonds can also enable users to remain anonymous when sharing their shopping behaviour, providing greater safety and peace of mind.
How do individuals participate?
Participating in databonds: Sign up to be represented
databonds open retail project is only available in the U.K. currently. To participate, individuals sign up through a simple process of entering details and answering a few questions on their shopping profile. databonds would then represent their users to request data from retailers which would be stored in their personal data account, similar to a bank account for data. Users will have complete control over how their data is used and shared, with varying levels of engagement available based on their preferences.
Sign up at https://databonds.co.uk
How is this transformative?
Breaking data silos through self-sovereign data
The liberation of centralised data to become self-sovereign data opens up a new world of opportunities. While centralised shopping data by retailers is the source of truth, and doesn’t leave their domain, decentralized self-sovereign data is a copy belonging to individuals, a source of use and portability. This portability breaks down data silos, while being fully compliant with global data regulation. It also enables retailers to generate new revenues from the use of their data and for brands to build panels and audiences of various shopping behaviours.
Dataswyft is proud to power databonds to efficiently store and share individuals' data and enable the platform to scale fast and cost efficiently. Together, we aim to jointly drive privacy-preserving innovation, building trust in data usage, and promising a future where individuals will have greater market power from data self-sovereignty.
Congratulations to databonds on a successful pilot and welcome to the HATLAB Studio where our Dataswyft team look forward to helping you design and build your ecosystem.
For more information:
Sign up as an individual here:
If you are a retailer or a brand, find out more from databonds by emailing:
Find out more about the Dataswyft network and technology here: